TaxTMI 
TaxTMI 
2019 (4) TMI 1086
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.... the respondent in the application for retention of the property are that the CBI, BS & FC, New Delhi had registered an FIR No. RCBD1/2016E/0007 dated 08.08.2016 u/s 120B r/w 420 of IPC and Section 13(2) r/w 13(1)(d) of PC Act, 1988 on the following allegations: (i) The accused Mr. Ashu Mehra had been working as an Assistant Manager, Forex Department, Indian Overseas Bank, Chandigarh Main Branch since 2010 and was also having the authority to make and check all SWIFT messages of the Bank. Besides, the Accused Mr. Ashu Mehra, two more officers, namely accused Mr. Nitish Negi, Mr. Gaurav Bhatia have been named by the bank in their complaint letter to have been working as Assistant Managers in the Bank and further informed to be also handlin....
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....vided Buyers Credit to their customers on the basis of the LOC issued by the IOB, Chandigarh and hence the said overseas banks were demanding IOB to remit the said amount to them. It has been further informed by the IOB that on verification of their records, it was found that no such request for letter of comfort to the Buyers Credit was authorized by the Branch Manager and Letter of Comfort/Letter of Undertaking were issued through swift messages by Mr. Ashu Mehra and his other bank staff (Accused Nos. 2 & 3) by abusing their official position. (vi) Mr. Ashu Mehra of IOB, in collusion with other staff members by indulging in afore-said modus-operandi had created liability against the bank to the tune of Rs. 321.00 Crore (calculated at th....
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....a case was registered by the Directorate of Enforcement, Chandigarh Zonal Office vide ECIR dated 19.09.2016. 4. One of the grievances of the appellant is that his personal bank accounts No. 400022471690019 maintained with Deutsche Bank, Pakhowal Road, Ludhiana and account No. 0000060212701271 maintained with Bank of Maharashtra, Gill Road, Ludhiana which are unrelated to the scope of ongoing inquiry have been ordered to be frozen by the Respondent no. 2 on 07.04.2017. 5. The immovable properties of he appellant were also freezed. The details of which are mentioned in item no. 9 of Table-3 and serial no. 1 & 9 of Table-8 of retention application filed under section 17(4) of the Act. The prayer of the said application was allowed by the im....
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....fendant in the captioned Original Application before the Hon‟ble Punjab & Haryana High Court, wherein it was observed vide Order dated 26.09.2017 that prima facie it is non-application of mind. 7. It is submitted on behalf of the appellant that the properties under the PMLA and their consequent adjudication under section 8, PMLA are concerned, "reasons to believe" have to be recorded in writing by the Respondent and the Adjudicating Authority at three stages, which are as follows - (i) The officer carrying out the freezing action under 17(1A) has to record his reasons to believe in writing in terms of section 17(1) (i) to (iv), PMLA; (ii) After the property is frozen the officer has to record his reasons to believe in writing and....
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....t against the appellant, no proceedings says that there was no bar as the property was not attached under section 5(1) and it was merely frozen. It would cause no hardship if rental be earned. Counsel for the respondent no doubt admits that against the appellant no proceeding were initiated u/s 5(1) of the Act and the immovable property was never attached, however, it is argued by him that the appellant may use the property by his personal use however third party interest cannot be created. 11. It appears from the material placed on record by the appellant that the respondent, despite of interim order on 26.3.2018 passed by this Tribunal, has issued a communication to other authority not to grant the approval/license to the appellant. The....